OPEC Taking 'Cautious Approach' to Oil Production

Group 1 - OPEC+ countries agreed to increase collective oil output by 137,000 barrels per day in December, followed by a three-month pause [1][2] - The decision to pause production increases in early 2026 is attributed to seasonality and aims to allow countries to accelerate compensation [2] - Recent market conditions saw Brent crude and West Texas Intermediate oil prices near five-year lows due to increased supplies and economic uncertainty, compounded by U.S. sanctions on major Russian oil companies [2]